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Improved Mortgage Handling

Scheduled transactions cannot cope with overpaying on the principal, where the current balance (instead of estimated) is required for computation.

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    Andrej PrsaAndrej Prsa shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

    2 comments

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      • YeOldHinnerkYeOldHinnerk commented  ·   ·  Flag as inappropriate

        If you like this feature request, please consider giving your votes instead to "Scheduled Transactions: Extend Formulas"

        The above feature request is more general and is not limited to mortgage. It solves many more problems and therefore has also the potential of attracting more supporters.

        http://gnucash.uservoice.com/forums/101223-feature-request/suggestions/3166514-scheduled-transaction-extend-formulas

      • Eric GemmeEric Gemme commented  ·   ·  Flag as inappropriate

        And I must add that some mortgage contracts allow to borrow on your home equity up to the original mortgage amount. Doing so set the balance to a higher value. Depending on how fast you paid so far (by overpayments or by benefying of a lower variable rate), you may either keep the actal payment and stretch your final payment by a couple of months, or boost your payment to catch-up the forecasted end of mortgage.

        To acheive this, the loan p+i calculation engine MUST rely on the actual balance of a loan, not a linear payment schedule from the beginning. I get this flexibility with Quicken. Mortgage is a powerful financial tool rather than a simple loan as you normally get when buying a car and can't do anything with your payment other than clearing prematurely the loan.

        But don't get me wrong, Gnucash is a worthfull software to consider in replacement of Quicken. It is just lacking a loan engine as flexible as the one in Quicken.

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